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BOARD OF DIRECTORS OF THE SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT Resolution No. 5321 RESOLUTION CALLING A SPECIAL DISTRICT BOND ELECTION FOR THE PURPOSE OF SUBMITTING TO THE QUALIFIED VOTERS OF THE DISTzuCT THE PROPOSITION OF INCURRING BONDED INDEBTEDNESS TO ACQUIRE AND IMPROVE AND REPLACE BART FACILITIES, FIXING THE DATE OF SAID ELECTION, THE MANNER OF HOLDING THE SAME, PROVIDING FOR NOTICE THEREOF, AND CONSOLIDATING SAID DISTRICT BOND ELECTION WITH THE STATE OF CALIFORNIA GENERAL ELECTION TO BE HELD ON NOVEMBER 8, 2016, AUTHORIZING PREPARATION AND FILING OF A TAX RATE STATEMENT TO BE PUBLISHED IN CONNECTION WITH SAID ELECTION, AND AUTHORIZING BOARD MEMBERS TO FILE A BALLOT ARGUMENT IN SUPPORT OF SUCH BOND MEASURE WHEREAS, the Board of Directors (The "Board" of San Francisco Bay Area Rapid Transit District (the "District" or "BART") heretofore developed reports the ("Original Reports") pursuant to Section 29152 of the Pubtic Utilities Code of the State of Califomia (the "Public Utilities Code") which contained general plans, estimates and general specifications pertaining to the construction of the BART system; and WHEREAS, the Boards of Supervisors of each of the County of Alameda, the County of Contra Costa, and the City and County of San Francisco approved by a resolution adopted by a majority vote the Original Reports; and WHEREAS, the District heretofore called a special election and submitted to the qualified voters of the District a proposition to incur bonded indebtedness for the acquisition and construction of rapid transit facilities by the District as described in the Original Reports; and WHEREAS, the District has heretofore issued all of its first authorized issue of bonds; and WHEREAS, subsequent to its first authorized issue of bonds, the District found and determined that the bonded indebtedness then authorized and issued was insufficient to cover all costs of the acquisition and construction of its facilities, and, on November 2, 2004, voters in the District approved a bond measure (known as "Proposition AA") authorizing an additional $980 million of bonds to improve seismic safety; and WHEREAS, pursuant to Section 29157 of the Public Utilities Code, it appears to the board that the bonded indebtedness heretofore authorized and issued is insufficient to cover all costs of the acquisition and construction of its facilities, and the board now wishes to make an order determining the amount of bonds that should be issued in to raise the additional funds necessary for the completion of such facilities; and AREA RAPID TRANSIT DISTNICT D A TRUE COPY 76733v1 DATE ADOPTED: June 9, 2074 I KEI.INETH A" DURON, DISTRICT SECRETARY

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Page 1: OF THE FOR THE TO BE HELD ON - bart.gov resolution.pdfboard of directors of the san francisco bay area rapid transit district resolution no. 5321 resolution calling a special district

BOARD OF DIRECTORS OF THESAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT

Resolution No. 5321

RESOLUTION CALLING A SPECIAL DISTRICT BOND ELECTION FOR THE PURPOSE

OF SUBMITTING TO THE QUALIFIED VOTERS OF THE DISTzuCT THE PROPOSITION

OF INCURRING BONDED INDEBTEDNESS TO ACQUIRE AND IMPROVE ANDREPLACE BART FACILITIES, FIXING THE DATE OF SAID ELECTION, THE MANNEROF HOLDING THE SAME, PROVIDING FOR NOTICE THEREOF, ANDCONSOLIDATING SAID DISTRICT BOND ELECTION WITH THE STATE OF

CALIFORNIA GENERAL ELECTION TO BE HELD ON NOVEMBER 8, 2016,

AUTHORIZING PREPARATION AND FILING OF A TAX RATE STATEMENT TO BEPUBLISHED IN CONNECTION WITH SAID ELECTION, AND AUTHORIZING BOARDMEMBERS TO FILE A BALLOT ARGUMENT IN SUPPORT OF SUCH BOND MEASURE

WHEREAS, the Board of Directors (The "Board" of San Francisco Bay AreaRapid Transit District (the "District" or "BART") heretofore developed reports the ("Original

Reports") pursuant to Section 29152 of the Pubtic Utilities Code of the State of Califomia (the

"Public Utilities Code") which contained general plans, estimates and general specifications

pertaining to the construction of the BART system; and

WHEREAS, the Boards of Supervisors of each of the County of Alameda, the

County of Contra Costa, and the City and County of San Francisco approved by a resolution

adopted by a majority vote the Original Reports; and

WHEREAS, the District heretofore called a special election and submitted to the

qualified voters of the District a proposition to incur bonded indebtedness for the acquisition and

construction of rapid transit facilities by the District as described in the Original Reports; and

WHEREAS, the District has heretofore issued all of its first authorized issue ofbonds; and

WHEREAS, subsequent to its first authorized issue of bonds, the District found

and determined that the bonded indebtedness then authorized and issued was insufficient tocover all costs of the acquisition and construction of its facilities, and, on November 2, 2004,voters in the District approved a bond measure (known as "Proposition AA") authorizing an

additional $980 million of bonds to improve seismic safety; and

WHEREAS, pursuant to Section 29157 of the Public Utilities Code, it appears to

the board that the bonded indebtedness heretofore authorized and issued is insufficient to cover

all costs of the acquisition and construction of its facilities, and the board now wishes to make an

order determining the amount of bonds that should be issued in to raise the additional funds

necessary for the completion of such facilities; and

AREA RAPID TRANSIT DISTNICTD A TRUE COPY

76733v1 DATE ADOPTED: June 9, 2074

I

KEI.INETH A" DURON, DISTRICT SECRETARY

Page 2: OF THE FOR THE TO BE HELD ON - bart.gov resolution.pdfboard of directors of the san francisco bay area rapid transit district resolution no. 5321 resolution calling a special district

WHEREAS, the BART has heretofore developed the BART System RenewalProgram (the "Safety, Reliability, and Traffic Relief Program") to invest in the renewal of theBART system by improving safety and access, repairing and replacing critical infrastructure, 31dincreasing capacity, and the District has duly employed engineers, economists, fiscal experts andothers deemed necessary to deveiop general plans, estimates and general specificationspertaining to the projects for which a bond issue is proposed, as hereinafter set forth, sufficient inthe opinion of this Board to enable this Board to determine the feasibility of such projects;

WHEREAS, said engineers, economists, fiscal experts and others have made areport entitled "BART Safety, Reliability, and Traffic Relief Engineer's Report" (the"Engineer's Report") and a report entitled "BART System Renewal Program Plan 2016" (the"System Renewal Plan," and together with the Engineer's Report, the "Bond Program Report,,)to the District in time, form and marurer required by law, and this Board hereby determines anddeclares that the proposed Safety, Reliability, and Traffic Reiief Program as specified in theBond Program Report is feasible and that the Safety, Reliability, and Traffic Relief Program asoutlined in the Bond Program Report is necessary;

WHEREAS, this Board desires pursuant to Section 29157 .1 of the PublicUtilities Code to duly determine the amount of bonds which should be issued in order to raise theamount of money necessary for the Program specified in the Bond Program Report and asotherwise provided by law and pusuant to Section 29158 of the Public Utilities Code to call aspecial election and submit to the qualified voters of the District the proposition of incurringsuch bonded indebtedness;

WIIEREAS, this Board desires that the special district election hereinafterprovided for shall be consolidated with the State of California general election to be held in theState and in the District on November 8,2016, and desires to take al1 steps necessary for thepurpose of effecting such consolidation;

WHEREAS, Section 9400 et seq. of the Elections Code of the State of California(the "Elections Code") requires that a tax rate statement be contained in all official publicationsand bailot pamphlets prepared, sponsored or published by the District which relate to saidelection;

WIIEREAS, this Board now desires to authorize the filing of a ballot argument infavor ofthe proposition to be submitted to the voters at said election;

WIIEREAS, if the electors approve the bond proposition, this Board desires toestablish an independent citizens' oversight committee to review and report to the publicexpenditures ofthe bond proceeds; and

WHEREAS, all acts, conditions and things required by law to exist, happen andbe performed precedent to and in connection with the calling and hotding of said special districtbond election hereinafter provided for have existed, happened and been performed in due time.form and mamer as required by law. and this Board is now duly empowered to call said specialdistrict bond election in all respects, as hereinafter set forth;

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NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OT

DIRECTORS OF SAN F'RANSICO BAY AREA RAPID TRANSIT DISTRICT, AS

FOLLOWS:

Section 1. A special district bond election is hereby ordered and will be held inthe District on Tuesday, November 8,2016, at which election shall be submitted to the qualified

electors of the Districi the question of incurring a bonded indebtedness of the District for the

objects and purposes set forth in the following measure:

Measure [ ) (Measure Designation to be assigned by the County) BART Safety,

Reliability and Traffic Relief. To keep BART safe; prevent accidents/breakdowns/delays;

relieve overcrowding; reduce traffic congestion/pollution; and improve earthquake safety and

access for seniors/diiabled by replacing and upgrading 90 miles of severely worn iracks; tunnels

damaged by water intrusion; 44-year-old train control systems; and other deteriorating

infraJructure, shall the Bay Area Rapid Transit District issue $3.5 billion of bonds for the

acquisition or improvement ofreal property subject to independent oversight and annual audits?

Said measure shall be set forth on the ballots to be used at said special bond election

within the District in substantially the form hereinabove set forth. Pursuant to Section 291 69 ofthe public Utilities Code and Section 1 of Article XIII A of the Constitution of the State ofCalifomia, the above proposition shall become effective only upon the affirmative vote of two-

thirds of those electors voting on the measure.

Section 2. The Board hereby determines and declares that the proposed plan ofwork for the Safety, Reliability, and Traffic Relief Program in the Bond Program Report isfeasible and the Safety, Reliability, and Traffic Relief Program as set forth in the Bond Program

Report is necessary. The estimated cost of the proposed Safety, Reiiability, and Traffic Relief

Program in the Bond Program Report is $3.5 billion. said estimate includes planning, design,

englneering, acquisition, construction and improvement costs fol the Safety, Reliability, and

Traffrc Relief Program, which includes improvements to train tracks, power systems, tunnels and

structues, mechanical systems, train control systems, repair and maintenance facilities, and

BART stations.

Section 3. The maximum amount of the principal of.the bonds that the Board

hereby orders should be issued to raise the amount of money necessary for said Program as set

forth in the foregoing measure is $3.5 billion, which amount is estimated to be required to

finance the Safety, Reliability, and Traffic Relief Program in the Bond Program Report,

including sufficient funds to cover the cost of inspection of works in course of construction and

the costs of issuing the bonds.

Section 4. The maximum term that the bonds proposed to be issued shall run

before maturity is forty years, providing that the bonds of said authorized issue may be divided

into two or more series or divisions, and the last date of maturity of any such series ofbonds may

be fixed at any date or dates up to but not exceeding forty yeals after the date of the bonds of that

series. The District may fix different dates for the bonds of each series, and the bonds of any

series may be made to mature and become payable at different times from those of any other

series, provided (i) that said maximum maturity above specified shall be calculated from the date

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on the face of each bond, separately, irrespective of the fact that different dates rnay beprescribed for the bonds of each separate series or division of said authorized issue and (ii) thatthe maturity dates of each separate series or division shall comply with the provisions of law.

Section 5. The interest rate on each series ofbonds will be determined upon thesale thereof and shall not exceed a maximum rate of interest of 12%o per armum, the maximumrate permitted by law.

Section 6. Interest to be paid upon said bonds during the estimated period ofconstruction ofthe works of the District (and for three years thereafter or less) shall be a capitalcharge and may be payable out of the principal sum realized from the sale of the bonds in anaggregate arnount not to exceed $100,000,000 exclusive of premium generated by the sale of thebonds and deposited in the debt service fund. Such interest not so paid from bond proceeds shallbe paid by the levy and collection oftaxes in the manner and to the extent provided by law.

Section 7. The proceeds of the bonds shalt be deposited in a special accountcreated by the District and applied to the specific purposes set forth in the Measure (as specifiedin Section t hereof), and the District shall prepare an annual report on the expenditure of theproceeds and the projects funded thereby all pursuant to Govemment Code Section 53411.

Section 8. The estimate of the taxes required to be levied for all District purposesfor the fiscal years 2017- I 8 to 2065-66, the sources from which such taxes shall be obtained, andthe portion or amount to be derived from each source are set forth in Exhibit A attached hereto.

(a) The foregoing estimate of taxes is based upon the District's contemplatedprogram of financing, which may be modified to conform to construction, marketing andfinancial conditions existing in the future. The actual tax lely in each year will vary, dependingupon the then requirements for bond principal, interest, sinking firnd payments, the then assessed

values of taxable property in each county comprising the District, market interest rates at thetime ofeach issuance, and the District's credit rating at the time of each issuance.

(b) The source from which such taxes shall be obtained is the net amount derivedfrom the levy and collection of taxes upon all taxable property in the District based upon theequalized assessment roll of each county in which the District is situated. The District is not nowauthorized to levy income taxes or other similar types of taxes, other than transactions and usetaxes, for the payment of its general obligation bonded indebtedness or administrative andgeneral expenses.

(c) The proportion or amount of such taxes to be derived from the sources abovestated are as lollows:

(i) Annual tax levy for bond principal and interest and for sinkingfunds - The law requires that the Board shall, at the time of fixing the general tax levyand in the marurer provided for the general tax levy, levy and collect annually until thegeneral obligation bonds of the District are paid, or until there is a sum in the treasury ofthe District set apart for that purpose to meet all sums coming due for principal andinterest on the bonds as they become due and payable, a tax sufficient to pay the annualinterest on the bonds and such part of the principal thereof, including any sinking fund

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installments required by any of the District's agreements with its bondholders, as

becomes due before the proceeds of a tax levied at the next general tax ievy rwill be

available for such purposes. The taxes required to be levied and collected on account ofinterest, principal, and sinking fund of general obligation bonds of the District shall be inaddition to all other taxes levied for District purposes, and shall be collected at the time

and in the same manner as other district property taxes are collected, and be used for no

other purpose than the payment of the bonds and accruing interest. The District shall

providl for the payment of the principal of and interest on the bonds by the levy and

collectiori of taxes upon all propedy in the District subject to taxation by the Districtwithout limitation of rate or amount as provided by law, except that such taxes need not

be levied to the extent that the District deposits in the treasury set apart for that purpose

moneys derived from surplus revenues or any appropriations which may be made to it for

that purpose or from any other funds howsoever derived'

(ii) Annual ta.x levy for administrative and general expense --

Following the adoption of Proposition 13 by the voters and the passage of implementing

legislation, the District receives a small portion of the constitutionally limited 1% county-*,ide general tax levy in each of the three BART Counties for administrative and general

"*p.r,,t. and has no authority to increase such amount. The amount of the District's

portion of such loh levy for the 2015- 16 fiscal year was approximately $37,400,000 -

(iiD The District levies a 1/21 transactions and use tax, 3/4th' of the

revenues of which are allocated to the District and 1/4t of which is allocated to the

Metropolitan Transportation Commission. Revenues from such tax are pledged to secure

sales tax revenue bonds of the District and are used to pay general operating and capitalcosts of the District.

Section 9. This Board does hereby submit to the quaiified electors ofthe District

at said special district bond election the measure of incuning bonded indebtedness set forth in

Section i hereof, and hereby designates and refers to said measure as that measue to be set forth

on the ballots as herein prescribed for use at said election:

(a) Said special district bond election shall be held and conducted and the votes

thereat canvassed and the retums thereof made and the result thereof ascertained and determined,

as herein provided; and in all particulars not prescribed by this resolution said special district

bond election shall be held as provided by law.

(b) All resiilents of the City and County of San Francisco, the County of Alameda

and the County of Contra Costa, respectively, who are qualified electors possessurg the

quaiifications prescribed by the general election laws of the State of Califomia shall be entitled

t-o vote at said special district bond election. Whether a resident of the District is a qualified

elector within the District shall be conclusively determined by the register of voters of the City

and County of San Francisco, the County of Alameda and the County of Contra Costa,

respectively, in which said election is held.

(c) Said special district bond election hereby called shall be consolidated and the

Board of Supervisors of the City and County of San Francisco, the Board of Supervisors of the

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County of Alameda and the Board of Supervisors of the County of Contra Costa are hereby eachrequested to order the consolidation of said special district bond election with the State ofCalifomia general election to be held in said State and in said District on November 8, 2016, allas required by and pursuant to law, and the election precincts, polling places and officers ofelection within the District for said special district bond election shall be the same as thoseselected and designated by the Registrar of Voters or the Board of Supervisors, as appropriate, ofthe City and County of San Francisco, the County of Alameda and the County of Contra Costa,respectively, for said State of Califomia general election, and reference is hereby made to saidState of Califomia general election for the designation of the precincts, polling places andelection officers for said special district bond election hereby called.

(d) The hours during which the polls shall be kept open in the City and County ofSan Francisco, the County of Alameda and the County of Contra Costa (collectively, the"Counties" and each a "County"), respectively, shall be the same as those provided for the State

of Califomia general election to be held on November 8, 2016 in each of the Counties,respectively, being the election with which the election called pursuant to this resolution is

consolidated, and the manner of voting for and against the incurring of such indebtedness shallbe as provided for in the ballots in such general election. The Registrar of Voters or the Board ofSupervisors, as appropriate, of the City and County of San Francisco, the County of Alamedaand the County of Contra Costa, respectively, are and each of them is authorized to canvass, orcause to be canvassed as provided by law (including tlle provisions of Section 10411 of theElection Code), the returns of said special district bond election with respect to the votes cast ineach of the Counties, respectively, and to certify the result to this Board in all respects as

provided by law, and upon the certification ofsuch results to this Board, this Board shall cause tobe spread upon its minutes a statement of the resuits of said special district bond election as

ascertained by such canvass.

(e) The acquisition or improvement of real property to be undertaken with theproceeds of the bonds is assumed to include the costs ofthe election and bond issuance and otherconstruction-related costs, such as construction management, architectural, engineering,inspection and other planning costs, legal, accounting and similar fees, independent annualaudits, and otler incidental or necessary costs. The District shall reimburse itself for all costs

incurred in connection with the calling and conduct of the special district bond election and any

other costs permitted by law from proceeds of the bonds when issued.

Section 10. Notice of said special district bond election shall be given bypublication of the text of this resolution calling such election together with, in each case, a formof notice of election substantially as set forth in Section 29163 of the Public Utilities Code. Suchnotice, together with the text of this resolution, shall be published once a week in each calendarweek for two successive calendar weeks, at any time prior to said election (the first publicationto be not less than twenty (20) or more than ninety (90) days prior to the date fixed for such

special election), in the following newspapers of general circulation, hereby designated by thisBoard, which are printed and published in each County within the Distdct, as follows:

Alameda County - East Bay l rmes

Contra Costa County - East Bay Times

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City and County of San Francisco - San Francisco Chronicle

No other notice of the election hereby called need be given. The Secretary is hereby directed to

cause such notice and the text of this resolution to be pubiished as hereinabove provided.

Section 11. (a) Upon approval of the bond proposition by the voters, the

Board shall "rtublith

a Bond Oversight Committee (the "Committee") who represent a diversity

of expertise, geography and demographic characteristics. Committee members shall consist of,euen -embeis and be appointed for two year terms and be eligible to serve for up to 6 years intotal and are appointed as follou's:

(b) The BART Board of Directors (the "Board") shall appoint:

(D One member nominated by the American Society of CivilEngineers, or its successor organization, who has expertise in civil engineering

management and oversi ght;

(ii) One member nominated by the American Institute of Electrical

Engineers, o, it, .u"""rro, organization, who has expertise in electrical engineering

management and oversight;

(iii) One member nominated by the American Institute of Certified

Public Accountants, or its successor organization, who has expertise in audit or financial

oversight;

(iv) One member nominated by the Association for Budgeting &Financial Management section of the American Society for Public Administration, or itssuccessor section or organization, who has expertise in municipal finance;

(") One member nominated by the Project Management Institute, or its

successor organization, who has expertise in construction project management;

(vi) Two members nominated by the League of Women Voters, Bay

Area, or its successor organization or chapter; provided that the Board may designate

altemative professional organizations other than those set forth above from which to

request nominations of members to serve on the Committee.

(c) Committee members shall:

(i) Not be a District employee or official, or be an owner, employee or

consultant to a District contractor;

(i0 Not participate or interfere in the selection process of any vendor

hired to execute bond funded projects;

(iii) Be required to sign a conflict of interest statement and to disclose

any potential conflicts that may arise in the course of their service.

,7

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(d) The Committee shall provide diligent, independent and public oversight overthe expenditure of firnds from the sale of District general obligation bonds.

(e) The Committee shall be staffed by the Controller/Treasurer's Office.

(f.1 The Committee shall reporl directly to the public. The Committee shall focusits oversight on:

(D Assessing how bond proceeds are spent to ensure that all spendingis authorized by the ballot measure;

(i0 Assessing whether projects funded by bond proceeds arecompleted in a timely, cost-effective and quality manner consistent with the best interestsof BART riders and District residents.

(g) The Committee is also charged with the responsibility of communicating itsfindings and recommendations to the District and the public.

(h) If the projects funded by bond proceeds are not being completed in a timely,cost-effective, and quality manner, the Committee may identify the reasons why and makssuggestions in writing to the Board and District Staff for improvements.

(i) The Committee shall publish an annual report, which shall include thefollowing:

(D A detailed account of the Committee's activities, including itsexpenditures;

(iD A detailed breakdown on the uses of bond funds in the previousyear, and a confirmation that they were expended legally. The breakdown shall includean estimate of the impact to the BART system and to BART riders of the projects,including any consequences of construction;

(iii) A detailed breakdown of the anticipated use of bond funds alreadyreceived by the District to be used in the following years to be provided by BART staff tothe Comrnittee. The breakdown provided by BART staff shall include an estimate of theimpact to the BART system and to BART riders of the projects, including anyconsequences of construction:

(iv) A detailed progress report on the projects funded by bondexpenditures. The progress report shall include whether the projects are proglessing ontime, on budget, and in accordance with the District's quality and sustainabilitystandards. The report shall lay out the original and cunent estimates for cost andcompletion, and explicitly highlight any significant variances or risk or significant futurevariances compared to estimates of the budget, timeliness or scopei

(v) A report on any suggestions made by the Committee in theprevious year, and whether previous suggestions have been adopted;

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(ri) A report on the results of any financial or performance a1. dits,relevant to the Bond and the Committee's work, performed by the District during the

previous year.

fi) The Committee may be disbanded when all bond funds are spent.

Section 12. The Secretary of the District is hereby directed to deliver, no laterthan Augusf 12,2016 (which date is not fewer than 88 days prior to the date set for the election),a copy of mi= resolution and order to the Registrar of Voters of each County, and shall frle a

copy of this resolution and order with the Clerk of the Board of Supervisors of each County and

the Registrar of Voters of each County.

Section i3. Pursuant to Resolution no. 5208 (the "Fare Increase Resolution") ofthis Board, adopted February 28,2073, this Board extended the District's productivity-adjusted

inflation-based fare increase program (the "Fare Increase Program") to raise fares in January of2014,2016,2018, and 2020. The Fare Increase Program was then estimated to generate

approximately $325 million in additional fare revenue for capital renovation projects over the

"i[nt y.ur period beginning in 2014 and ending tn 2022. The District hereby reconfirrns its

intention to use such additional fare revenue generated in the period beginning in 2014 and

ending 111 2022by the District's productivity-adjusted inflation-based fare increase program (as

such program is set forth in Exhibit A to the Fare lncrease Resolution) for capital renovation

projects; provided that such revenue is not reduced by unforeseen economic circumstances or

decreased ridership or is required to address costs in the event of a natural disaster.

Section 14. (a) The ControlleriTreasurer of the District is hereby authorized to

prepare a tax rate statement (the "Tax Rate Statement") conforming to the requirements of-S".tion

9401 of the Elections Code, and to file said Tax Rate Statement with the Registrar ofVoters of each County.

(b) The Registrar of Voters of each County is hereby requested to include the Tax

Rate Statement in atl official publications or postings pertaining to the Election, pursuant to the

terms of Section 9402 of the Elections Code.

Section 15. The members of the Board are hereby authorized, but not directed,

to prepare and file with the Registrar of Voters of each County a ballot argument in favor of the

p.opoiitio, contained in Section I hereof, within the time established by the Registrar of Voters

of each County.

Page 10: OF THE FOR THE TO BE HELD ON - bart.gov resolution.pdfboard of directors of the san francisco bay area rapid transit district resolution no. 5321 resolution calling a special district

Section 16. This resolution, being a resolution relating to an election, shall takeeffect immediately upon adoption.

PASSED AND ADOPTED this 9th day of June,2016, by the following vote:

AYES: 9

NOES: 0

ABSTAIN: O

ABSENT: O

-7;, R*a'-z-='-;

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EXHIBITA

ESTIMATE OF DISTRICT TAXES(all figures in $'004s)

Curi.ot 20rt Propos.d

C!D.rtlExP.Ds.s rDd

AdDiri3itrtiv. .Dd C.Pit.l Co3te

G.nenl Etplnres Prid fronPdd fron Ad

f,ristirgBod TotrlD.bl Prid Iroo AD.u.l CostTr.lsiclioat Prid froEErnhqttrlt. Rtnririrg ProPos.d 3 Sb

Srf.iy D.bl E.rrbqutkr S.f.tv AA-RT Bord

2018 tJ0,37s $ll,0l0 132J?1 s256'690 s53'0?9 1412'828

20ts 50,311 st5,EE3 13,010 40,e16 264,391 :1',11, 43'7

"748;;;; loiizr r5,s82 it,rss 4?'t4.1 212,322 i1'111 462-2se

2o2r 4e,s6. 15,885 zt)'ts2 41,1!! 2to'4e2 51'121 471'435

;;;; izl,ait ts,se: 45',531 et'7t9 288'e0? 2141? 4er'oe2

2023 12,11'.) l5,EE2 4s,514 4!,011 291',5'.14 l1'!?: 50l'2a3

2074 42,1at 15'tE5 os'os: 41,111. 306'501 54'ry? 531'285

2025 42Jtt r5,EBr osbsl 4!,!s! 3ls'6e6 14.'?11 s42'r3o

2026 41.471 I5,EEJ sr"I:t 50'311 325'167 !d1:l 574'880

;;;; ai),qit 15.t85 i;i3i 5!,!11 314'e12 54.'15-1 5a6'r37

;;;; iilllt ts,ee: rto,sr !1,1!! 344'e7o 1!Js-l 6-22'0o2

2o2e 42,471 l5,EEr rto,sss :!'2!l 355'31e ?2'7-?1 6o8'e35

20i0 42,406 I5,EE4 iro,oor s9,s1t. 365'978 ?2''g?1 @7 '43s2031 421fi 15,E84 tro,eor 58.136 376p58 19'l?9 660'332

zo37 42,411 r5,EE3 1Zi,t* q9,9!! 388'26? 1!'111 7ot'7e6

2o3i i2,414 l5'tE4 i;4;s06 !!,!q! 3eeel4 30'57e 715'4a6

2o:.4 a2,113 15,885 iss,leo sl'tts 4ll'912 n'215 756'341

2035 42,411 l5,8EI ie:,tsa !1,!:! 424'269 22'148 t6s-s26

2036 45,448 15,EE5 tzt"am 61,t28 4t6991 22'305 815'943

2031 45,tAt l5,EE4 iit'en 9\151 450'107 6'a15- 815'209

2038 15,t82 z1i'en 1,11t 463'611 6'44s ?85'3s6

7o3e 15,E83 iii,stt 11,!1! 411'5te tltl 8o1'4le

20f0 15,E85 227,616 ?6,11t 4el'841 9'111 817'968

2o4t l5,E8l 221,68-t 1&1:? 506'600 6J4.1 83s'ol2

zo42 15'886 )it,en !9'111 521'798 6'445 8s2'5s1

;6;i rs,ser izt,stg !1'111 s31'4sz 864're0

2M1 15,883 221'611 s1'9!l 553'5?5 882'804

2015 l5,EE6 ili5es !!,?1: 570'182 eol'ee6

2046 l5,EE3 zzi'seo ?9,!!! 58?'288 e2r'?36

2041 15,882 ii3iz 22'6\? 604'e0? e42'o72

2o4a 15,881 ilalfic st,1z1 623'054 9so'030

204e 214,665 91111 64t'145 9ss'124

2o5o isc,c8? to2'293 660'998 962'771

2051 :sg'tst 101,1!] 680'828 e85'680

2052 182J45 to!,:?? 10r'252 - e9l'920

2053 isi,tlr ltt,lzl 121,290 l'016'214

2054 rczl,tzt 1l:,131 1439se 1p2r,717

2055 irii:o ll8J8t 165'278 t'047 '493

2056 tlo,sl: 122,111 159',266 l'052'351

2osi ioo,s3t l?!:!q 812'e44 I'o7e'688

zorE t11"oe2 l??,:!l 831'332 l'084'0o5

7059 tlr'oss 133,469 862',452 l'll3'Olo

2060 glp72 :.l1f1-1 888'326 1!116'871

206r ii',otz 141,::l et4'e75 t'147 '644

2062 szl,$t lls,tll 912'425 l'151'153

2063 eZ,tlg 150'220 s1O'691 I'183'797

2064 i,sza *t,tzt 999,818 l'187'069

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